Finance History|Nasdaq MarketSite — Twelve Dollars for a California Salvage Pool
· 1994-3
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Finance History|Nasdaq MarketSite — Twelve Dollars for a California Salvage Pool
kevin
People treat Copart as a Dallas online salvage house that always printed CPRT on Nasdaq.
The 1994 issuer was still a California salvage-pool consolidator.
Willis J. Johnson founded Copart in Vallejo in 1982. By March 1994 the chain had added yards in Oregon, Washington, and Texas, including North Texas Salvage Pool in Dallas.
A Copart Form 10-K later recorded the March 1994 initial public offering as 2,300,000 common shares at 12.00 dollars each in 1994 currency.
Market-data services date first trade to 17 March 1994 on Nasdaq under CPRT. Company-history accounts put cash raised near 26 million dollars.
The 2014 annual report marked the twentieth public year and restated that offer, after splits, as a 1-dollar starting price.
The mechanism is an acquisition currency.
The salvage industry was still a map of independent yards. The offering paid for a national roll-up that doubled the footprint again with NER Auction Group in May 1995.
Holders in 1994 bought wrecked-car auctions run in person. Internet bidding arrived only in 1998.
The pin is the public facade of Nasdaq MarketSite at 4 Times Square, the later face of the electronic market that still prints CPRT. Interior studios are not a visitor floor.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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